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    RY4C   IE00BYTBXV33

RYANAIR HOLDINGS PLC

(RY4C)
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UK Regulator Closes Investigation Into BA, Ryanair Over Covid-19 Refunds -- 2nd Update

10/07/2021 | 06:22am EST

By Anthony O. Goriainoff

The U.K. markets regulator said Thursday that it was closing its investigation into British Airways--part of International Consolidated Airlines Group SA--and Ryanair Holdings PLC over customer refunds related to Covid-19.

The Competitions and Markets Authority said its investigation concluded that the law didn't provide passengers with a sufficiently clear right to a refund under the special circumstances brought about by the pandemic to justify continuing with the case. The regulator noted that it can only enforce the law as it stands.

"Consumer protection law sets out that passengers are entitled to refunds when an airline cancels a flight, because the firm cannot provide its contracted services. However, it does not clearly cover whether people should be refunded when their flight goes ahead but they are legally prohibited from taking it," the CMA said.

The regulator launched a probe in June 2021 into the airlines over concerns that they may have broken the law by failing to offer refunds to customers who couldn't legally fly during the lockdown.

"During this unprecedented crisis we have acted lawfully at all times, issuing nearly 4 million refunds and offering highly flexible booking policies enabling millions of our customers to change their travel dates or destinations," British Airways said.

Ryanair said it welcomed the CMA's decision to close its investigation as it operated a limited schedule during U.K. lockdowns for passengers travelling for essential reasons.

"Passengers had the option to change their bookings without paying the flight change fee and many availed of this option," the airline said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

10-07-21 0822ET

Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -0.30% 131 Delayed Quote.-17.77%
RYANAIR HOLDINGS PLC 1.85% 14.295 Real-time Quote.-13.66%
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Analyst Recommendations on RYANAIR HOLDINGS PLC
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Financials
Sales 2022 5 303 M 5 974 M 5 974 M
Net income 2022 -167 M -188 M -188 M
Net Debt 2022 1 905 M 2 146 M 2 146 M
P/E ratio 2022 -95,9x
Yield 2022 -
Capitalization 15 843 M 17 928 M 17 847 M
EV / Sales 2022 3,35x
EV / Sales 2023 1,78x
Nbr of Employees 17 000
Free-Float 95,3%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 14,04 €
Average target price 19,51 €
Spread / Average Target 39,0%
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Managers and Directors
Michael OĺLeary Group Chief Executive Officer & Executive Director
Neil Sorahan Group Chief Financial Officer
Stan McCarthy Non-Executive Chairman
John Hurley Chief Technology Officer
Julie O'Neill Independent Non-Executive Director
Sector and Competitors